U.S. stock futures indicated a modestly higher open on Thursday, with the Dow Jones Industrial Average seen up 0.4% at 53,287 points and the Nasdaq 100 up 0.1% at 29,189, according to broker IG’s pre-market indications. Analysts cited short-term oil price movements as the primary driver of market sentiment, noting the absence of a clear structural trend amid ongoing geopolitical risks in the Middle East.
Oil prices rose again after a brief stabilization, reigniting inflation concerns that have weighed on investor confidence. Brent crude futures traded near $85 per barrel, while WTI held around $81.50, both below the psychologically significant $100 level but still elevated compared with recent months. "The market follows the short-term oil moves," said Nadege Dufosse, analyst at Candriam. "It’s a market that’s hard to navigate right now."
Geopolitical developments continued to inject volatility, though market focus remained on U.S. economic data ahead of Friday’s nonfarm payrolls report. U.S. President Donald Trump stated that recent strikes on Iran were temporary, while Iran launched new attacks on Kuwait, a U.S. ally. U.S. Defense Secretary Pete Hegseth extended troop deployments in the region, according to The Wall Street Journal. Investors expect the jobs data to provide clarity on the U.S. economy’s health and the Federal Reserve’s policy path, with some economists suggesting a strong report could reinforce expectations for a near-term rate hike.
Corporate earnings movements were mixed. Broadcom shares fell 3.7% in pre-market trading after the chipmaker posted strong revenue growth driven by AI demand but provided guidance that fell short of expectations. Snowflake surged 23% after beating quarterly earnings and raising its full-year revenue forecast. Ultragenyx Pharmaceutical slumped 46% after a Phase 3 study for a rare disease treatment failed to meet its primary endpoint. Victoria’s Secret dropped 20% after reporting Q2 revenue of $1.61 billion, below estimates, and lowering its 2026 revenue guidance to $7.10–7.18 billion from a prior range of $7.03–7.13 billion.
In Europe, the Swiss Market Index (SMI) rose 0.2%, led by gains in Roche (+1.8%) following a licensing agreement with China’s Simcere Pharmaceutical for a trispecific antibody. Logitech advanced 2.6%, extending a recent recovery, while Givaudan climbed 1.5% after a positive note from Deutsche Bank. Partners Group gained 2.0% and Amrize rose 1.2%, attempting to stabilize after recent declines. Richemont fell 2.4% as luxury sector weakness persisted, with Swatch down 1.6%. Nestlé declined 0.8%, while Novartis held steady after Tuesday’s gains.
The Swiss franc strengthened against the euro, falling to 0.9384 from 0.9410 earlier in the day, and against the dollar to 0.8092. The move followed a surprise jump in Swiss inflation to 0.8% year-on-year in August, up from 0.4% in July and exceeding economist forecasts of 0.5–0.6%. The Swiss Federal Statistical Office reported the highest inflation rate in two years, prompting renewed scrutiny of the Swiss National Bank’s policy stance. "The SNB will need to reassess its inflation outlook," said one economist.
Market focus in Switzerland now shifts to August inflation data and Q2 GDP figures, followed by Eurozone purchasing managers’ indices and U.S. data later in the session. Initial jobless claims in the U.S. will provide a final hint ahead of Friday’s nonfarm payrolls report. "If most rate hike expectations are already priced in, stable oil prices could be enough to restore investor appetite," noted a trader.
